Commercial Drone Market Developments by 2031
The Commercial Drone Market size is projected to reach US$ 54.61 billion by 2031 from US$ 10.03 billion in 2023. The market is expected to register a CAGR of 23.6% in 2023–2031. The growing proliferation of commercial drones for precision farming, photography, and surveillance purposes is driving the growth of the commercial drone market globally.
Commercial Drone Market Analysis
Commercial drones are leveraged primarily for various applications that include precision farming, filming, photography, monitoring or surveillance and delivery of products. The growing technological advancement is also boosting the demand for commercial drones globally. Various industries have incorporated commercial drones to advance their business operations. The commercial drone helps in monitoring and capturing high-end images which helps in smooth operation. The growing usage of commercial unmanned drones for filming and photography is also anticipated to drive the growth of the commercial drone market globally.
Commercial Drone Market Overview
The growing proliferation of commercial unmanned drones for monitoring any casualty situation such as flood, earthquake, or fire outbreak is also acting as a major driver for the market. The rescue operators primarily leverage commercial drones for surveillance and monitoring purposes and to get an aerial view of the overall situation, which helps in making major decisions regarding the ways to initiate rescue operations. Additionally, the rising application of commercial unmanned drones in parcel delivery, owing to the rising proliferation of the retail and e-commerce sector, is also having a positive impact on the commercial drone market globally. The commercial drone market is segmented by type, weight, component, and application. In terms of type, the commercial drone market is categorized into fixed wing, rotary, and hybrid. On the basis of weight, the market is classified into <2 Kg, 2 Kg – 25 Kg, 25 Kg – 150 Kg. In addition, on the basis of components, the market is segmented into hardware and software. In terms of application, the commercial drone market is segmented into filming & photography, horticulture & agriculture, inspection and maintenance, mapping & surveying, surveillance & monitoring, delivery & logistics, and others.
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Commercial Drone Market: Strategic Insights
Market Size Value in US$ 8.86 billion in 2022 Market Size Value by US$ 53.66 billion by 2030 Growth rate CAGR of 25.3% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Commercial Drone Market: Strategic Insights
| Market Size Value in | US$ 8.86 billion in 2022 |
| Market Size Value by | US$ 53.66 billion by 2030 |
| Growth rate | CAGR of 25.3% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Commercial Drone Market Drivers and Opportunities
Growing Application of Small Unmanned Commercial Drones in the Agriculture Industry is Expected to be the Prime Driver for the Commercial Drone Market
The growing proliferation of digitalization and integration of software applications to monitor the overall operational efficiency of farming land is anticipated to drive the growth of the commercial drone market globally. The real-time data and aerial images of the complete farm help the farmers identify the issues concerning the land’s well-being, which might negatively impact the crop production rate. Additionally, managing mid to large-size agricultural lands in remote locations is unmanageable if agriculture drones are not in application, as they help in spraying insecticides over the land in a much faster and more efficient manner. Commercial drones also boost precision farming by managing a proper schedule for watering, harvesting, and fertilizing the land properly. Thus, the utilization of advanced technologies like farm monitoring software, crop managing technologies, and digital aerial imaging technologies is acting as a major driving factor for the market.
Supportive Government Policies Related to Drone Application
The growing government focus on precision farming owing to its requirement to meet the growing demand for food products worldwide is anticipated to support the growth of the commercial drone market. For instance, in 2022, the US Federal Government and Administration approved US$750,000 to advance the Warren drone training program that supports modern-age farmers in precision farming technologies. Supportive government policies for flying drones also help in same day package delivery, filming and photography, and monitoring oil and gas and mining sites. Thus, the rising governmental support and assistance for using advanced commercial drones is anticipated to increase the growth of the commercial drone market over the forecast period.
Commercial Drone Market Report Segmentation Analysis
Key segments that contributed to the derivation of the commercial drone market analysis are type, weight, component, and application.
- Based on type, the commercial drone market has been divided into fixed wing, rotary, and hybrid. The rotary segment held a larger market share in 2023.
- In terms of weight, the market has been segmented into <2 Kg, 2 Kg – 25 Kg, 25 Kg – 150 Kg. The <2 Kg segments dominated the market in 2023.
- In terms of components, the market has been segmented into hardware and software. The hardware segment dominated the market in 2023.
- In terms of application, the market has been segmented into filming & photography, horticulture & agriculture, inspection and maintenance, mapping & surveying, surveillance & monitoring, delivery & logistics, and others. The filming & photography segments dominated the market in 2023.
Commercial Drone Market Share Analysis by Geography
The geographic scope of the Commercial Drone Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America led the commercial drone market in 2023. The North America region includes the US, Canada, and Mexico. Many companies across the region are focusing on investing in advanced unmanned commercial drones to meet modern filming, photography, agricultural, construction, and security requirements. Thus, the growing application of commercial drones to augment precision farming, along with increasing demand for high-end commercial drones for films and photography, is expected to propel the growth of the commercial drone market over the forecast period in North America. Surveying and mapping is also one of the major application areas of commercial drones in the North America region. An increasing number of mining and oil &gas exploration and production activities are boosting the demand for small, unmanned commercial drones for sensing and capturing aerial images of the sites for augmenting better operation management, which is also having a positive impact on the commercial drone market in North America.
Commercial Drone Market Report Scope
Commercial Drone Market News and Recent Developments
The Commercial Drone Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Commercial Drone Market and strategies:
- On May 2023, DJI Technology Co., Ltd. introduced its DJI Matrice 350 RTK (M350 RTK), which is an advanced drone platform for any aerial operation in public safety, energy sector, mapping and surveying, forestry, or infrastructure sector. (Source: DJI Technology Co., Ltd., Press Release/Company Website/Newsletter)
- On September 2023, Skydio launched its Commercial Drone named Skydio X10. (Source: Skydio, Press Release/Company Website/Newsletter)
Commercial Drone Market Report Coverage and Deliverables
The “Commercial Drone Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Weight, Component, Application, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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